The Turkish authorities announced on Wednesday that they had imposed an administrative fine on food and beverage giant Nestle's Türkiye arm over its violation of the law on the protection of competition.

The Competition Authority's (RK) decision came after an investigation into Nestle Türkiye's practices regarding the determination of resale prices and the imposition of regional and customer restrictions on distributors.

The watchdog's board unanimously agreed to impose a fine of nearly TL 347 million (about $11.2 million) on Nestle Türkiye Gıda Sanayi A.Ş., a statement on the authority's website said.

It said the company can appeal the decision within 60 days at the Ankara Administrative Courts.